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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Thursday January 26.

CEO Rick Hamada, Avnet (NYSE:AVT). Other stock mentioned: Apple (NASDAQ:AAPL)

Avnet (AVT) is like a supermarket of tech and is a great gauge of the industry, especially semiconductors. The company called the bottom in semis 6 weeks ago, and the company reported a solid quarter with an 11 cent earnings beat with better than expected revenues. CEO Rick Hamada discussed weakness in Europe and slow computer sales, but server sales were up 35%. Storage and cloud computing are themes that are working right now. Avnet does not see a huge disconnect between Apple (AAPL) and non-Apple levered clients.

Pfizer (NYSE:PFE), Verizon (NYSE:VZ), AT&T (NYSE:T), Caterpillar (NYSE:CAT), Occidental Petroleum (NYSE:OXY), Clean Energy (NASDAQ:CLNE), Tesla Motors (NASDAQ:TSLA), Annaly (NYSE:NLY), Union Pacific (NYSE:UNP)

With the Dow falling 22 points on Thursday, there seems to be a widespread misconception that the U.S. economy is still in trouble. On this perception, Cramer would buy high-dividend stocks like Pfizer (PFE), AT&T (T) and Verizon (VZ). While employment numbers are not fantastic, Caterpillar's (CAT) management says things are looking up, especially with orders from non-residential construction. Union Pacific (UNP) is at an all-time high because it is transporting more goods; this is usually an accurate indication of an improving economy. Occidental Petroleum (OXY) reported there are not enough workers to fill available jobs, and Obama's move toward natural gas may be a good sign for Clean Energy (CLNE).

Cramer took some calls:

Tesla Motors (TLSA) is too speculative.

Annaly Capital (NLY) is the safest REIT and will continue to make money.

CEO Interview: Sandy Cutler, Eaton (NYSE:ETN)

Eaton (ETN) reported a 3 cents earnings beat on lower than expected revenues. It recently reported a 12% dividend boost, a sign of confidence going forward. While the company reported some softness in Europe and China, its truck and aerospace businesses are firing on all cylinders. ETN has given shareholders a 157% return since Cramer got behind it in 2008. CEO Sandy Cutler discussed the 11% increase in sales and the 47% rise in profits. ETN's domestic market is increasing 5% annually, and the shortfall in Europe seems to be a temporary problem. ETN also saw slowness in Brazil, which was slowing down its economy by raising interest rates. The company has a backlog of $1.2 billion which it plans to monetize in the near future.

Cramer thinks Eaton's problems are temporary and it is a buy.

Biogen (NASDAQ:BIIB)

Biogen (BIIB) is not some one-shot biotech or a "one drug wonder." It has a pair of drugs to treat Multiple Sclerosis and keep patients in remission. While competitors came up with an oral treatment for the disease, these drugs have not met with widespread success. According to the latest data, Biogen's oral treatment for MS may become one of the most effective drugs on the market for the disease, and could add $1.5 billion of yearly revenues to BIIB's bottom line. Cramer thinks BIIB "should have a breakout in 2012."

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Source: Cramer's Mad Money - Avnet Is The Supermarket Of Tech (1/26/12)